SC clears SEBI action on Sahara group

The Supreme Court on Friday made it clear that the market regulator SEBI can take action against Sahara Group for non-compliance of its directions relating to the refund of Rs 24,000 crore raised from investors through optionally fully convertible debentures (OFCDs).

The Supreme Court on Friday made it clear that the market regulator SEBI can take action against Sahara Group for non-compliance of its directions relating to the refund of Rs 24,000 crore raised from investors through optionally fully convertible debentures (OFCDs).

SEBI has moved an application alleging that Sahara Group was not complying with the apex court's August 31 directions in which it was also said that the company would provide all information and documents relating to the investors within 10 days.

The bench declined oral plea and submissions of Sahara seeking extension of time for providing the documents.